BIT Mining reports 40% drop in revenue

  • BIT Mining revenue totaled $296.7 million in the first quarter
  • An increase in net income was offset by a decrease in expenses
  • During the first quarter, BIT Mining produced 166 BTC

Bitcoin mining organizations ended the seven-day trading period on a high note.

For the second day in a row, a significant number of stocks tracked by The Block closed in the green, with Northern Data, Hut 8 and Riot posting the most notable recoveries, +12.29%, +9.09% (on the Nasdaq) and +7.58%, separately.

Before Friday, BIT Mining announced its results for the first quarter of 2022, with a fall of 40.4% in revenue, totaling $296.7 million. The Chinese company’s stock rose +6.78% on the Nasdaq towards the end of the trade meeting.

BIT Mining detailed a 40.4% drop in revenue, totaling $296.7 million, in the first quarter of 2022, unlike the past 90 days.

Ethereum hash rate capacity is 4,452.7 gigahash per second

China’s public organization also recorded an overall gain of $1.2 million, contrasting with an overall deficit of $4.1 million for the last quarter of 2021, as shown in an earnings report released on Friday.

As reported by the organization, a larger portion of that revenue ($272.3 million) came from its mining pool business, which was down about 42.7% from last quarter. This was to a limited extent due to the impact of falling digital currency prices in the first quarter of 2022, according to the claim.

The increase in overall gain was driven by lower overall and regulatory costs, fewer mining machine retirement issues and lower other running costs, the organization also said.

The various business parts of Cycle Mining incorporate self-mining, a mining pool, and farm tasks.

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The company’s stock fell -0.56% on the Nasdaq

During the main quarter, BIT Mining minted 166 BTC, generating revenue of approximately $6.9 million. It also mined 5,420 ETH, typically yielding $16.0 million.

The organization’s current bitcoin mining hash rate is 246.1 petahash per second. Its Ethereum hash rate limit is 4,452.7 gigahash per second. According to the statement, BIT Mining has completed a 50 megawatt office in Ohio.

During the last quarter, we focused on our development in North America and made tremendous progress in developing our server farms in Ohio, said the organization’s CEO, Xianfeng Yang.

Given our initial advantage in Ethereum mining, we are also advancing in Proof of Stake (POS) tasks by offering a progression of administrations, including administration and verification, account structure and board hubs.

The organization’s shares were down 0.56% on the Nasdaq at press time, while most other bitcoin mining stocks were up in the day’s trading meeting.

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